Stock markets update: Equity benchmark indices opened higher in early trade on Friday amid positive global cues. The 30-share BSE Sensex climbed 709.96 points to 72,431.14. Meanwhile, the Nifty also surged by 141.95 points to 21,789.15.
Among the Sensex firms, Infosys jumped more than 6 per cent in early trade despite reporting a lower-than-expected 7.3 per cent fall in net profit in the December quarter on sluggish demand from clients and cut its annual sales forecast.
Tata Consultancy Services climbed nearly 4 per cent after the largest software exporter reported an 8.2 per cent growth in net income for the December quarter at Rs 11,735 crore, driven by a massive growth in the home market that offset to a large extent the impact of a 3 per cent degrowth in the US market.
In Asian markets, Tokyo, Shanghai and Hong Kong were trading higher while Seoul quoted lower. The US markets ended mostly in the green on Thursday. Global oil benchmark Brent crude jumped 1.82 per cent to USD 78.82 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 865 crore on Thursday, according to exchange data.
Rupee falls against dollar
The rupee breached its seven-day gaining streak and depreciated 4 paise to 83.05 against the US dollar in early trade on Friday as foreign investors rushed to withdraw funds amid a sharp rise in crude oil prices. Despite a weak American currency and surging equity markets, overall sentiment was dented after the US data showed inflation increased more than expected in December, dousing hopes of an interest rate cut by the Federal Reserve in the near future, according to forex analysts.
They said investors will also keep a close watch on the domestic inflation numbers to be released later in the day. At the interbank foreign exchange, the domestic currency opened weak at 83.08 and lost further ground to touch 83.10 against the greenback. The unit later traded at 83.05 against the dollar, registering a loss of 4 paise from its previous close.
(With PTI inputs)
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